Bozeman Real Estate Report: August
by Tim Ford
We’re now over halfway through the year, and I thought it was a good time to look back at the first 6 months of 2019 and see how the real estate market faired.
From the first of the year through July 1st, 457 single family homes sold in the areas inside and outside of Bozeman city limits. This is compared to 480 homes during the same time last year. The number of new listings was down slightly this year. 704 homes were listed in the first half of this year versus 714 last year, helping contribute to the lack of supply.
The month’s supply of homes for sale has remained relatively steady, albeit extremely low, hovering around 2.8 to 2.9 months for the past year. This is the number of months that it would take to sell the homes currently on the market. Some say that a “normal” or “healthy” market would have a 5- to 6-month supply of homes. Generally, anything below a 6-month supply is considered a seller’s market and anything above a 6-month supply is considered a buyer’s market.
From 2016 to 2017, median pricing for single family homes in and around Bozeman rose steadily by 4.6% from $375,000 to $392,271. However, from 2017 to 2018, it took a nearly 12% rise to $439,325 for the first half of 2018. The median sold price during the first half of 2019 was $476,500, representing an 8.4% increase in pricing from the same time period last year.
Breaking this down further and looking just at homes within the city limits, median sold pricing again rose nearly 12% (11.7%) from $374,250 in 2017 to $418,130 in 2018. It rose another 4.5% to $437,000 this year.
Median sold pricing for condos & townhomes rose a similar 12.7% from $260,000 in 2017 to $293,075 in 2018, and then gained another 12% to $328,500 this year. This is the time of the year that MSU parents are touring housing for their MSU students, so condos & townhouses are a hot commodity right now.
As usual, I have included data for the number of single-family homes sold during the first six months of 2019. In addition to the 480 single-family homes sold during this time period, another 182 homes are currently pending, or under contract, as of the date of writing this article. This is compared to 172 homes that were pending at this same time last year.
The included data reflects sales of homes in the greater Bozeman area, including Four Corners, Gallatin Gateway, Bridger Canyon, and Bozeman city limits. The data includes home sales reported through the local Big Sky Country MLS, and does not include private party sales, condominiums, or townhouses.